Citigroup CEO Vikram Pandit Resigns .

On Monday, Citigroup reported its third-quarter profit fell 88% to $468 million as the bank took charges tied to the value of its debt and the sale of a stake in its brokerage joint-venture. Core revenue in its main businesses continued to improve.

http://online.wsj.com/article/SB10000872396390443854204578060280201488530.html

Not profits or lack of them... anytime an officer resigns this suddenly FBI and other agencies come to mind.

I worked for Citigroup when he came on board. He's a nice enough guy, just not the right CEO for the job. I'm surprised he lasted this long, actually.

Though it's not out of the question.

and he lost shareholder confidence which resulted in rejection of a pay increase for him:
"shareholders voted to reject a package that would have paid Pandit $15 million."

so says Fortune:
http://finance.fortune.cnn.com/2012/10/16/vikram-pandit-resigns-housing/

Overall, Citi is not performing well, comparted to the other big banks.
( I am shedding crocodile tears over this )

NEW YORK -- Vikram Pandit resigned as Citigroup Inc.'s chief executive Tuesday, in a surprise to Wall Street that comes a day after the country's third-largest bank announced stronger-than-expected earnings.

John Havens, Citi's president and chief operating officer, also stepped down Tuesday. The swiftness of the high-level departures fueled speculation about why the executives quit.

Citi's board of directors announced that Michael Corbat has replaced Pandit as CEO and would join the board (Pandit also resigned his board post). Corbat had been Citi's CEO of Europe, the Middle East and Africa.

"Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup," Pandit said in a statement. "I could not be leaving the company in better hands."

http://www.latimes.com/business/money/la-fi-mo-pandit-quits-as-citigroup-ceo-20121016,0,1070379.story

one else to "take the helm?"

That's the standard farewell phrase to use. It's almost expected, kind of like, 'wanting to spend more time with my family'.

Salary, bonuses, stock options for the year, etc.

...may as well quit the job & start spending it ...

It's Power they crave, and Money makes things happen. There is never enough Power. It's a Drug, more addicting than Heroin.

n/t